Srestha Finvest recorded a net profit of Rs 5.06 crore for the quarter that ended in March 2024, compared to a net loss of Rs 4.61 crore for the quarter that ended in March 2023.

Shares of Srestha Finvest has informed exchanges about the update in the record date for the rights issue. The Board of Directors has already approved the right issue in a 12:29 ratio for an aggregate amount of Rs. 48,00,00,000.

“We wish to inform you that the Board of Directors of the Company in their meeting held today i.e. Wednesday, June 19, 2024, considered and approved the allotment of equity shares on conversion of 3,45,00,000 warrants into 3,45,00,000 equity shares of face value of Re. 1/- each at an issue price of Rs. 4/- each (including a premium of Rs. 3/- each), to “Promoters” on preferential basis, upon receipt of balance amount aggregating to Rs. 10,35,00,000/- (Rupees Ten Crores and Thirty-Five Lakhs Only) at the rate of Rs. 3/- (Rupees Three only) per warrant (being 75% of the issue price per warrant) from the allottees pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018.,” said Srestha Finvest in a regulatory filing on June 20, 2024.

Srestha Finvest recorded a net profit of Rs 5.06 crore for the quarter that ended in March 2024, compared to a net loss of Rs 4.61 crore for the quarter that ended in March 2023. Sales jumped from Rs 0.70 crore in Q4FY23 to Rs 5.64 crore in Q4FY24, a 705.71% surge.

In the fiscal year that ended in March 2024, net profit was recorded at Rs 1.74 crore, compared to a net loss of Rs 4.97 crore in the year prior that ended in March 2023. Sales jumped from Rs 2.75 crore in FY23 to Rs 12.75 crore in FY24, a 363.64% jump.

(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)